1Q 2016 Consolidated Results (May 4, 2016)

Investor Relations

terna-spa
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 1 1Q16 Consolidated Results May 4th, 2016 MATTEO DEL FANTE CHIEF EXECUTIVE OFFICER PIERPAOLO CRISTOFORI CHIEF FINANCIAL OFFICER
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 2 Agenda 1Q16 Results Annexes Highlights 3 5 13
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 3 Highlights New Regulatory Framework M&A Drivers for 1Q16 Results WACC from 6.3% to 5.3% Time-lag shortened More selective approach for incentives Grid Fee less exposed to consumption volatility RHV Grid acquisition: allowed opex + TLC contract Tamini-TES combination Efficiencies on Opex Debt management
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 4 158€mn Total Capex 7,687€mn Net Debt 517€mn Revenues 162€mn Group Net Income1 395€mn EBITDA Highlights Key Financials 1. Attributable to Terna 513€mn in 1Q15 402€mn in 1Q15 165€mn in 1Q15 177€mn in 1Q15 8,003€mn at YE15
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 5 € mn 1Q15 1Q16 Δ yoy Δ % yoy Regulated Activities 479 471 -7 -1.5% Non Regulated Act. 32 43 12 37% o/w Tamini 19 27 8 42% Other Non Regulated Act. 12 16 4 28% IFRIC12 3 3 0 -10% Total 513 517 4 0.8% 479 471 3 -7 4 0 8 3 19 27 12 16 1Q15 ∆ Regulated Activities ∆ Other Non Regulated Activities ∆ IFRIC ∆ Tamini 1Q16 Regulated Activities IFRIC12 Tamini Other Non Regulated Act. 1Q16 Results Revenues 513 517+4 KEY FIGURES TOTAL REVENUES EVOLUTION Total Revenues 517€mn +0.8%yoy Regulated Activities 471€mn -1.5% yoy Non Regulated Activities 43€mn €mn Regulated Activities Tamini IFRIC12 Other Non Regulated Act. 1Q15 1Q16
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 6 443 431 32 -12 -4 9 28 4 12 1Q15 ∆ Transmission ∆ Dispatching ∆ Other 1Q16 Transmission Dispatching Other 19 27 12 4 8 16 1Q15 ∆ Other Non Regulated Activities ∆ Tamini 1Q16 Other Non Regulated Act. Tamini Revenues Analysis 479 471 -7 +12 €mn €mn REGULATED ACTIVITIES NON REGULATED ACTIVITIES NOTE: figures net of IFRIC12 – Managerial Accounting 32 43 Tamini Other Non Regulated Act. Tamini and EPC Growth 1Q15 1Q16 1Q15 1Q16 1Q16 Results -16 RHV Grid 12 €mn Grid Fee New Regulatory Period Contribution
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 7 € mn 1Q15 1Q16 Δ yoy Δ % yoy Regulated Activities 86 84 -2 -2.1% Non Regulated Act. 23 36 12 54% o/w Tamini 20 29 9 48% Other Non Regulated Act. 4 7 3 87% IFRIC12 3 3 0 -10% Total 112 122 10 9.3% 86 84 3 -2 3 0 9 3 20 29 4 7 1Q15 ∆ Regulated Activities ∆ Other Non Regulated Activities ∆ IFRIC ∆ Tamini 1Q16 Regulated Activities Serie2 Tamini Other Non Regulated Activities Opex 112 122+10 KEY FIGURES TOTAL COSTS EVOLUTION Total Costs 122€mn €mn Regulated Activities 84€mn Non Regulated Activities 36€mn Regulated Activities Tamini IFRIC12 Other Non Regulated Act. 1Q15 1Q16 1Q16 Results
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 8 20 29 4 3 9 7 1Q15 ∆ Other Non Regulated Activities ∆ Tamini 1Q16 49 45 28 -4 7 -5 35 8 3 1Q15 ∆ Labour Costs ∆ External Costs ∆ Other 1Q16 Labour Costs External Costs Other Opex Analysis 86 84 -2 +12 €mn €mn REGULATED ACTIVITIES NON REGULATED ACTIVITIES NOTE: figures net of IFRIC12 – Managerial Accounting RHV Grid Service Contract 23 36 Tamini Other Non Regulated Act. 1Q15 1Q16 1Q15 1Q16 Services 56% EBITDA Margin 1Q16 Results Efficiency Voluntary Turnover Programme
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 9 From EBITDA to Net Income KEY FIGURES PROFIT & LOSS Group EBITDA 395€mn Group EBITDA Margin 76.4% Group Net Income1 162€mn -1.6%yoy -1.8%yoy €mn 395 264 245 162 131 19 83 EBITDA D&A EBIT Net Financial Expenses PBT Taxes Group Net Income € mn 1Q15 1Q16 Δ Δ % EBITDA 402 395 -7 -1.6% Ebitda % 78.2% 76.4% D&A 120 131 11 9.1% EBIT 281 264 -17 -6.2% Net Financial Expenses 31 19 -12 -38% PBT 250 245 -6 -2.2% Tax Rate 34% 34% Taxes 85 83 -2 -2.1% Group Net Income1 165 162 -3 -1.8% 1. Attributable to Terna 1 1Q16 Results
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 10 Category (€mn) 1Q15 1Q16 Δ yoy Δ % yoy Capex at 1% Incentive 48 43 -5 -11% Capex at Base Return 118 107 -11 -9.5% Regulated Capex 167 150 -17 -10% Other 11 8 -3 -25% Total Group Capex 177 158 -19 -11% Capex KEY FIGURES BREAKDOWN Total Capex 158€mn NOTE: Figures in accordance with AEEGSI resolutions 1. Of which 5mn related to Capitalized Financial Charges 1 1Q16 Results Regulated Capex 150€mn
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 11 72% 21% 7% Terna SpA Bonds EIB Loans Banks 7,687 8,003 295 211 158 19 14 FY15 Operating…Δ WC & Other capex net financial dividend 1Q16 Net Debt Evolution & Financial Structure KEY FIGURES Free Cash Flow1 348€mn GROSS DEBT BREAKDOWN4 8.1€bn 1. see Annex “Consolidated Cash Flow” for details 2. Including Other Fixed Assets Changes, Change in Capital & Other 3. Including Cash Flow Hedge accruals and other 4. IAS accounting Dec.31, 2015 Operating Cash Flow1 Δ WC & Other2 -315 Capex FCF AND NET DEBT EVOLUTION €mn Fixed/floating ratio Calculated on Net Debt 62/38 Net Debt 7,687€mn Mar. 31, 2016 Free Cash Flow 348 Debt Service Dividends & Equity3 1Q16 Results
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 12 THANK YOU. QUESTIONS? MATTEO DEL FANTE CHIEF EXECUTIVE OFFICER PIERPAOLO CRISTOFORI CHIEF FINANCIAL OFFICER
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 13 Annexes
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 14 24.5 24.7 26.6 30.3 24.6 26.6 25.6 26.0 25.5 26.3 26.9 25.7 23 25 27 29 31 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Montly energy demand Previous Year 24.1 24.9 26.3 32.1 25.1 26.5 25.9 25.7 25.8 26.3 25.4 26.0 23 25 27 29 31 33 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Monthy energy demand Previous Year Annex Electricity Market Trends – Last 12 Months TWh TWh DEMAND AS REPORTED (TWh) NOTE: 2014 final figures, 2015 & 2016 provisional figures (as of April 2016) 1. For temperature and number of days DEMAND ADJUSTED1 (TWh) 1Q15 1Q16 Δ % 78.8 77.6 -1.5% 1Q15 1Q16 Δ % 80.3 78.9 -1.8% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar YoY Chg% -2.2% -0.5% -1.0% 8.5% 3.0% 1.2% -0.7% -0.6% -0.4% -0.9% -2.2% -2.2% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar YoY Chg% -0.6% -1.7% -0.1% 13.7% 5.8% 1.2% -1.9% 0.9% 0.6% -1.7% 0.2% -2.9%
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 15 € mn 1Q15 1Q16 Δmn Δ% Transmission 443 431 -12 -2.7% Dispatching 32 28 -4 -12% Other 2 4 12 9 230% Regulated Activities 479 471 -7 -1.5% Non Regulated Act. 32 43 12 37% IFRIC12 3 3 0 -10% Total Revenues 513 517 4 0.8% Labour Costs 49 45 -4 -7.7% External Costs 28 35 7 24% Other 8 3 -5 -59% Regulated Activities 86 84 -2 -2.1% Non Regulated Act. 23 36 12 54% IFRIC12 3 3 0 -10% Total Costs 112 122 10 9.3% EBITDA 402 395 -7 -1.6% D&A 120 131 11 9.1% EBIT 281 264 -17 -6.2% Net Financial Charges 31 19 -12 -38% Pre Tax Profit 250 245 -6 -2.2% Taxes 85 83 -2 -2.1% Tax Rate (%) 34% 34% Total Net Income 165 161 -4 -2.3% Minority Interest - -1 -1 Group Net Income 165 162 -3 -1.8% Consolidated Income Statement1 Annex 1. Managerial Accounting 2. Quality of Service + Other Revenues
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 16 € mn 1Q15 1Q16 Δmn Δ% Labour Costs 56 54 -2 -4.1% Services 31 41 10 31% Materials 13 20 8 61% Other 9 5 -4 -48% IFRIC12 3 3 0 -10% Total Costs 112 122 10 9.3% Group Costs Breakdown Annex
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 17 € mn Dec. 31,2015 Mar. 31,2016 Δmn PP&E 12,079 12,082 3 Intangible Asset 520 514 -6 Financial Inv. and Other 90 91 1 Total Fixed Assets 12,688 12,687 -1 Net WC -962 -1,145 -183 Funds -378 -362 17 Total Net Invested Capital 11,349 11,181 -168 Financed by Consolidated Net Debt 8,003 7,687 -316 Total Shareholder's Equity 3,346 3,494 148 Total 11,349 11,181 -168 D/E Ratio 2.4 2.2 D/D+E Ratio 0.7 0.7 Number of Shares ('000) 2,010 2,010 Consolidated Balance Sheet Annex
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 18 € mn 1Q15 1Q16 Δmn Total Net Income 165 161 -4 D&A 120 131 11 Debt Service 31 19 -12 Net Change in Funds -12 -17 -5 Operating Cash Flow 304 295 -9 ∆ Working Capital & Other 1 344 211 -133 Cash Flow from Operating Activities 649 506 -142 Capital Expenditures -177 -158 19 Free Cash Flow 471 348 -123 Dividends & Equity 2 9 -14 -23 Debt Service -31 -19 12 Change in Net Cash (Debt) 450 315 Consolidated Cash Flow Annex 1. Including, Other Fixed Assets Changes, Change in Capital & Other 2. Including Cash Flow Hedge accruals and other
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 19 THIS DOCUMENT HAS BEEN PREPARED BY TERNA S.P.A. (THE “COMPANY”) FOR THE SOLE PURPOSE DESCRIBED HEREIN. IN NO CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANY OR ITS SUBSIDIARIES. THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS CONTAINED HEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANY NOR ANY OF ITS REPRESENTATIVES SHALL ACCEPT ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY FROM THE USE OF THIS DOCUMENT OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS DOCUMENT OR ANY MATERIAL DISCUSSED DURING THE PRESENTATION. THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED AT THE CONFERENCE CALL MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANY’S BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS, AND CANNOT BE INTERPRETED AS A PROMISE OR GUARANTEE OF WHATSOEVER NATURE. HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES AND ARE CURRENT ONLY AT THE DATE THEY ARE MADE. WE CAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANY’S ACTUAL RESULTS AND PROVISIONS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN COMPANY’S BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, CHANGES IN THE REGULATORY ENVIRONMENT, DIFFERENT INTERPRETATION OF THE LAW AND REGULATION, ITS ABILITY TO SUCCESSFULLY DIVERSIFY AND THE EXPECTED LEVEL OF FUTURE CAPITAL EXPENDITURES. THEREFORE, YOU SHOULD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. TERNA DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGES IN TERNA’S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGES IN EVENTS. EXECUTIVE IN CHARGE OF THE PREPARATION OF ACCOUNTING DOCUMENTS “PIERPAOLO CRISTOFORI” DECLARES, PURSUANT TO PARAGRAPH 2 OF ARTICLE 154-BIS OF THE CONSOLIDATED LAW ON FINANCE, THAT THE ACCOUNTING INFORMATION CONTAINED IN THIS PRESENTATION, FOR WHAT CONCERNS THE ACTUAL FIGURES, CORRESPONDS TO THE DOCUMENT RESULTS, BOOKS AND ACCOUNTING RECORDS. THE SORGENTE-RIZZICONI PROJECT INTERCONNECTION IS CO-FINANCED BY THE EUROPEAN UNION’S EUROPEAN ENERGY PROGRAMME FOR RECOVERY PROGRAMME. THE SOLE RESPONSIBILITY OF THIS PUBLICATION LIES WITH THE AUTHOR. THE EUROPEAN UNION IS NO RESPONSIBLE FOR ANY USE THAT MAY BE MADE OF THE INFORMATION CONTAINED THEREIN. Disclaimer
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 20 [email protected] I +39 06 8313 9041 I www.terna.it
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  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 1 1Q16 Consolidated Results May 4th, 2016 MATTEO DEL FANTE CHIEF EXECUTIVE OFFICER PIERPAOLO CRISTOFORI CHIEF FINANCIAL OFFICER
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 2 Agenda 1Q16 Results Annexes Highlights 3 5 13
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 3 Highlights New Regulatory Framework M&A Drivers for 1Q16 Results WACC from 6.3% to 5.3% Time-lag shortened More selective approach for incentives Grid Fee less exposed to consumption volatility RHV Grid acquisition: allowed opex + TLC contract Tamini-TES combination Efficiencies on Opex Debt management
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 4 158€mn Total Capex 7,687€mn Net Debt 517€mn Revenues 162€mn Group Net Income1 395€mn EBITDA Highlights Key Financials 1. Attributable to Terna 513€mn in 1Q15 402€mn in 1Q15 165€mn in 1Q15 177€mn in 1Q15 8,003€mn at YE15
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 5 € mn 1Q15 1Q16 Δ yoy Δ % yoy Regulated Activities 479 471 -7 -1.5% Non Regulated Act. 32 43 12 37% o/w Tamini 19 27 8 42% Other Non Regulated Act. 12 16 4 28% IFRIC12 3 3 0 -10% Total 513 517 4 0.8% 479 471 3 -7 4 0 8 3 19 27 12 16 1Q15 ∆ Regulated Activities ∆ Other Non Regulated Activities ∆ IFRIC ∆ Tamini 1Q16 Regulated Activities IFRIC12 Tamini Other Non Regulated Act. 1Q16 Results Revenues 513 517+4 KEY FIGURES TOTAL REVENUES EVOLUTION Total Revenues 517€mn +0.8%yoy Regulated Activities 471€mn -1.5% yoy Non Regulated Activities 43€mn €mn Regulated Activities Tamini IFRIC12 Other Non Regulated Act. 1Q15 1Q16
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 6 443 431 32 -12 -4 9 28 4 12 1Q15 ∆ Transmission ∆ Dispatching ∆ Other 1Q16 Transmission Dispatching Other 19 27 12 4 8 16 1Q15 ∆ Other Non Regulated Activities ∆ Tamini 1Q16 Other Non Regulated Act. Tamini Revenues Analysis 479 471 -7 +12 €mn €mn REGULATED ACTIVITIES NON REGULATED ACTIVITIES NOTE: figures net of IFRIC12 – Managerial Accounting 32 43 Tamini Other Non Regulated Act. Tamini and EPC Growth 1Q15 1Q16 1Q15 1Q16 1Q16 Results -16 RHV Grid 12 €mn Grid Fee New Regulatory Period Contribution
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 7 € mn 1Q15 1Q16 Δ yoy Δ % yoy Regulated Activities 86 84 -2 -2.1% Non Regulated Act. 23 36 12 54% o/w Tamini 20 29 9 48% Other Non Regulated Act. 4 7 3 87% IFRIC12 3 3 0 -10% Total 112 122 10 9.3% 86 84 3 -2 3 0 9 3 20 29 4 7 1Q15 ∆ Regulated Activities ∆ Other Non Regulated Activities ∆ IFRIC ∆ Tamini 1Q16 Regulated Activities Serie2 Tamini Other Non Regulated Activities Opex 112 122+10 KEY FIGURES TOTAL COSTS EVOLUTION Total Costs 122€mn €mn Regulated Activities 84€mn Non Regulated Activities 36€mn Regulated Activities Tamini IFRIC12 Other Non Regulated Act. 1Q15 1Q16 1Q16 Results
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 8 20 29 4 3 9 7 1Q15 ∆ Other Non Regulated Activities ∆ Tamini 1Q16 49 45 28 -4 7 -5 35 8 3 1Q15 ∆ Labour Costs ∆ External Costs ∆ Other 1Q16 Labour Costs External Costs Other Opex Analysis 86 84 -2 +12 €mn €mn REGULATED ACTIVITIES NON REGULATED ACTIVITIES NOTE: figures net of IFRIC12 – Managerial Accounting RHV Grid Service Contract 23 36 Tamini Other Non Regulated Act. 1Q15 1Q16 1Q15 1Q16 Services 56% EBITDA Margin 1Q16 Results Efficiency Voluntary Turnover Programme
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 9 From EBITDA to Net Income KEY FIGURES PROFIT & LOSS Group EBITDA 395€mn Group EBITDA Margin 76.4% Group Net Income1 162€mn -1.6%yoy -1.8%yoy €mn 395 264 245 162 131 19 83 EBITDA D&A EBIT Net Financial Expenses PBT Taxes Group Net Income € mn 1Q15 1Q16 Δ Δ % EBITDA 402 395 -7 -1.6% Ebitda % 78.2% 76.4% D&A 120 131 11 9.1% EBIT 281 264 -17 -6.2% Net Financial Expenses 31 19 -12 -38% PBT 250 245 -6 -2.2% Tax Rate 34% 34% Taxes 85 83 -2 -2.1% Group Net Income1 165 162 -3 -1.8% 1. Attributable to Terna 1 1Q16 Results
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 10 Category (€mn) 1Q15 1Q16 Δ yoy Δ % yoy Capex at 1% Incentive 48 43 -5 -11% Capex at Base Return 118 107 -11 -9.5% Regulated Capex 167 150 -17 -10% Other 11 8 -3 -25% Total Group Capex 177 158 -19 -11% Capex KEY FIGURES BREAKDOWN Total Capex 158€mn NOTE: Figures in accordance with AEEGSI resolutions 1. Of which 5mn related to Capitalized Financial Charges 1 1Q16 Results Regulated Capex 150€mn
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 11 72% 21% 7% Terna SpA Bonds EIB Loans Banks 7,687 8,003 295 211 158 19 14 FY15 Operating…Δ WC & Other capex net financial dividend 1Q16 Net Debt Evolution & Financial Structure KEY FIGURES Free Cash Flow1 348€mn GROSS DEBT BREAKDOWN4 8.1€bn 1. see Annex “Consolidated Cash Flow” for details 2. Including Other Fixed Assets Changes, Change in Capital & Other 3. Including Cash Flow Hedge accruals and other 4. IAS accounting Dec.31, 2015 Operating Cash Flow1 Δ WC & Other2 -315 Capex FCF AND NET DEBT EVOLUTION €mn Fixed/floating ratio Calculated on Net Debt 62/38 Net Debt 7,687€mn Mar. 31, 2016 Free Cash Flow 348 Debt Service Dividends & Equity3 1Q16 Results
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 12 THANK YOU. QUESTIONS? MATTEO DEL FANTE CHIEF EXECUTIVE OFFICER PIERPAOLO CRISTOFORI CHIEF FINANCIAL OFFICER
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 13 Annexes
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 14 24.5 24.7 26.6 30.3 24.6 26.6 25.6 26.0 25.5 26.3 26.9 25.7 23 25 27 29 31 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Montly energy demand Previous Year 24.1 24.9 26.3 32.1 25.1 26.5 25.9 25.7 25.8 26.3 25.4 26.0 23 25 27 29 31 33 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Monthy energy demand Previous Year Annex Electricity Market Trends – Last 12 Months TWh TWh DEMAND AS REPORTED (TWh) NOTE: 2014 final figures, 2015 & 2016 provisional figures (as of April 2016) 1. For temperature and number of days DEMAND ADJUSTED1 (TWh) 1Q15 1Q16 Δ % 78.8 77.6 -1.5% 1Q15 1Q16 Δ % 80.3 78.9 -1.8% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar YoY Chg% -2.2% -0.5% -1.0% 8.5% 3.0% 1.2% -0.7% -0.6% -0.4% -0.9% -2.2% -2.2% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar YoY Chg% -0.6% -1.7% -0.1% 13.7% 5.8% 1.2% -1.9% 0.9% 0.6% -1.7% 0.2% -2.9%
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 15 € mn 1Q15 1Q16 Δmn Δ% Transmission 443 431 -12 -2.7% Dispatching 32 28 -4 -12% Other 2 4 12 9 230% Regulated Activities 479 471 -7 -1.5% Non Regulated Act. 32 43 12 37% IFRIC12 3 3 0 -10% Total Revenues 513 517 4 0.8% Labour Costs 49 45 -4 -7.7% External Costs 28 35 7 24% Other 8 3 -5 -59% Regulated Activities 86 84 -2 -2.1% Non Regulated Act. 23 36 12 54% IFRIC12 3 3 0 -10% Total Costs 112 122 10 9.3% EBITDA 402 395 -7 -1.6% D&A 120 131 11 9.1% EBIT 281 264 -17 -6.2% Net Financial Charges 31 19 -12 -38% Pre Tax Profit 250 245 -6 -2.2% Taxes 85 83 -2 -2.1% Tax Rate (%) 34% 34% Total Net Income 165 161 -4 -2.3% Minority Interest - -1 -1 Group Net Income 165 162 -3 -1.8% Consolidated Income Statement1 Annex 1. Managerial Accounting 2. Quality of Service + Other Revenues
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 16 € mn 1Q15 1Q16 Δmn Δ% Labour Costs 56 54 -2 -4.1% Services 31 41 10 31% Materials 13 20 8 61% Other 9 5 -4 -48% IFRIC12 3 3 0 -10% Total Costs 112 122 10 9.3% Group Costs Breakdown Annex
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 17 € mn Dec. 31,2015 Mar. 31,2016 Δmn PP&E 12,079 12,082 3 Intangible Asset 520 514 -6 Financial Inv. and Other 90 91 1 Total Fixed Assets 12,688 12,687 -1 Net WC -962 -1,145 -183 Funds -378 -362 17 Total Net Invested Capital 11,349 11,181 -168 Financed by Consolidated Net Debt 8,003 7,687 -316 Total Shareholder's Equity 3,346 3,494 148 Total 11,349 11,181 -168 D/E Ratio 2.4 2.2 D/D+E Ratio 0.7 0.7 Number of Shares ('000) 2,010 2,010 Consolidated Balance Sheet Annex
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 18 € mn 1Q15 1Q16 Δmn Total Net Income 165 161 -4 D&A 120 131 11 Debt Service 31 19 -12 Net Change in Funds -12 -17 -5 Operating Cash Flow 304 295 -9 ∆ Working Capital & Other 1 344 211 -133 Cash Flow from Operating Activities 649 506 -142 Capital Expenditures -177 -158 19 Free Cash Flow 471 348 -123 Dividends & Equity 2 9 -14 -23 Debt Service -31 -19 12 Change in Net Cash (Debt) 450 315 Consolidated Cash Flow Annex 1. Including, Other Fixed Assets Changes, Change in Capital & Other 2. Including Cash Flow Hedge accruals and other
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 19 THIS DOCUMENT HAS BEEN PREPARED BY TERNA S.P.A. (THE “COMPANY”) FOR THE SOLE PURPOSE DESCRIBED HEREIN. IN NO CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANY OR ITS SUBSIDIARIES. THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS CONTAINED HEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANY NOR ANY OF ITS REPRESENTATIVES SHALL ACCEPT ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY FROM THE USE OF THIS DOCUMENT OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS DOCUMENT OR ANY MATERIAL DISCUSSED DURING THE PRESENTATION. THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED AT THE CONFERENCE CALL MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANY’S BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS, AND CANNOT BE INTERPRETED AS A PROMISE OR GUARANTEE OF WHATSOEVER NATURE. HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES AND ARE CURRENT ONLY AT THE DATE THEY ARE MADE. WE CAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANY’S ACTUAL RESULTS AND PROVISIONS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN COMPANY’S BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, CHANGES IN THE REGULATORY ENVIRONMENT, DIFFERENT INTERPRETATION OF THE LAW AND REGULATION, ITS ABILITY TO SUCCESSFULLY DIVERSIFY AND THE EXPECTED LEVEL OF FUTURE CAPITAL EXPENDITURES. THEREFORE, YOU SHOULD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. TERNA DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGES IN TERNA’S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGES IN EVENTS. EXECUTIVE IN CHARGE OF THE PREPARATION OF ACCOUNTING DOCUMENTS “PIERPAOLO CRISTOFORI” DECLARES, PURSUANT TO PARAGRAPH 2 OF ARTICLE 154-BIS OF THE CONSOLIDATED LAW ON FINANCE, THAT THE ACCOUNTING INFORMATION CONTAINED IN THIS PRESENTATION, FOR WHAT CONCERNS THE ACTUAL FIGURES, CORRESPONDS TO THE DOCUMENT RESULTS, BOOKS AND ACCOUNTING RECORDS. THE SORGENTE-RIZZICONI PROJECT INTERCONNECTION IS CO-FINANCED BY THE EUROPEAN UNION’S EUROPEAN ENERGY PROGRAMME FOR RECOVERY PROGRAMME. THE SOLE RESPONSIBILITY OF THIS PUBLICATION LIES WITH THE AUTHOR. THE EUROPEAN UNION IS NO RESPONSIBLE FOR ANY USE THAT MAY BE MADE OF THE INFORMATION CONTAINED THEREIN. Disclaimer
  • 1Q16 CONSOLIDATED RESULTS MAY 4th 2016 Investor Relations 20 [email protected] I +39 06 8313 9041 I www.terna.it
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